Smart Metering Systems (SMS) has reported another year of double-digit revenue and profit growth on 38 per cent growth in its installed meter estate.

The group reports pre-tax profits rose 42 per cent to £7.4 million (2012; £5.2 million) in the 2013 year ending December on a 33 per cent hike in revenues to £27.9 million (2012: £21 million).

Margins on earnings before interest and costs were 42 per cent for the year against 43 per cent in 2012.

SMS had reported a 57 per cent rise in profits to £5.2 million for the 2012 year on a 32 per cent rise in revenues to £21 million.

The Glasgow-based company said it added four new gas supplier clients in the year, taking the total to 17, representing more than 80 per cent of the UK industrial and commercial market.

SMS, which provides gas infrastructure connection services, gas meter asset management services and smart metering technology, said it also increased energy broker contracts from 10 in the 2012 year to 24 by the 2013 year end.

The total meter portfolio increased 38 per cent in he year to 469,000, with the industrial and commercial (I&C) meter portfolio reported to be up by more than 118 per cent year on year.

Capital spend on meters increased 46 per cent as a result to £23.3 million.

AIM-listed SMS said it now has more than 16,000 of its ADM 'smart' meter devices deployed in the UK by 31 December 2013 up from 2,000 in December 2012

SMS is proposing a final dividend of 1.61p per share, taking the total dividend to 2.31p – up 40 per cent on the previous year.

Commenting on the results, SMS chief executive, Alan Foy, said: “Our progress in 2013 continued to be in line with our strategic priorities, at both a financial and operational level.

“Our gas meter portfolio increased by 38 per cent year-on-year and we signed major new contracts with gas suppliers.

“We now have contracts in place with 80 per cent of the I&C meter market.”

Last week SMS announced it had agreed a new £105 million revolving credit facility, led by Barclays along with Clydesdale Bank and Bank of Scotland, which replaced a £45 million existing facility.

Foy said the new lending facilities, on "substantially improved terms", would provide SMS with the necessary resources to increase investment in metering assets over the next 24 months.